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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Australian Coal Association
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
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